{"id":91011,"date":"2016-06-08T06:10:45","date_gmt":"2016-06-08T10:10:45","guid":{"rendered":"http:\/\/countingpips.com\/?p=91011"},"modified":"2016-06-08T06:10:45","modified_gmt":"2016-06-08T10:10:45","slug":"oil-prices-rise-to-fresh-2016-highs","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/06\/oil-prices-rise-to-fresh-2016-highs\/","title":{"rendered":"Oil prices rise to fresh 2016 highs"},"content":{"rendered":"<div id=\"inves-998138592\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">June 8, 2016<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Article by <a href=\"http:\/\/countingpips.com\/contributors\/contributor-profile-forextime\/\">ForexTime<\/a><\/p>\n<p>Oil prices rose to fresh highs for the year, supported by easing concerns about a supply glut.<\/p>\n<p>Brent crude closed on Tuesday at $51.44 a barrel, up 1.8 per cent on the day and the highest close since last October. WTI oil gained 1.4 per cent to settle at $50.36 a barrel on Tuesday, its first close above $50 since July 2015.<\/p>\n<p>Oil has almost doubled from wintertime lows on news of unplanned supply interruptions, a slow decline in output from US shale formations, and robust consumption from drivers enjoying cheap prices.<\/p>\n<p>Unplanned supply outages in May averaged around 3.7m barrels per day, including about 800,000 b\/d lost due to militant attacks on oil pipelines in Nigeria. Also, disruptions to oil production due to wildfires in Canada\u2019s oil sands led to lower supply.<\/p>\n<p>In the US, crude oil production has declined by more than 900,000 b\/d since April 2015 to about 8.7m b\/d last month.<\/p><div id=\"inves-3425086818\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>Meanwhile, fuel demand has been on the rise, thereby indirectly helping lift oil prices. Petrol consumption was poised to shatter records this year. US commercial crude inventories last week slid by 3.6m barrels but remained well above 500m barrels, according to a broker report on American Petroleum Institute data released late on Tuesday. The government is due to release more definitive stocks data on Wednesday.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-54242 alignleft\" src=\"http:\/\/countingpips.com\/articles-analysis\/wp-content\/uploads\/2014\/07\/Forex-Time-Logo.png\" alt=\"Forex-Time-Logo\" width=\"262\" height=\"90\" \/><strong>Article by <span style=\"text-decoration: underline;\"><a href=\"http:\/\/countingpips.com\/contributors\/contributor-profile-forextime\/\">ForexTime<\/a><\/span><\/strong><\/p>\n<p><strong>ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 <a href=\"http:\/\/www.forextime.com\" target=\"_blank\">www.forextime.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Article by ForexTime Oil prices rose to fresh highs for the year, supported by easing concerns about a supply glut. Brent crude closed on Tuesday at $51.44 a barrel, up 1.8 per cent on the day and the highest close since last October. WTI oil gained 1.4 per cent to settle at $50.36 a barrel [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-91011","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/91011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=91011"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/91011\/revisions"}],"predecessor-version":[{"id":91032,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/91011\/revisions\/91032"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=91011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=91011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=91011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}